Bitcoin (BTC) & Ethereum (ETH): Dip off S&P?

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March 6 is the new moon, and we noticed that S&P (SPY) had been hit hard on five of the last six full moons (Figure 1).

Figure 1

Any dip or decline in risk assets could create a golden buying opportunity in crypto.

Looking at Bitcoin (BTC) on BitMEX, support is at the 38 percent retracement of recent up at $3,813. The juicy buy would be at the 76 percent retracement of the recent up move. That level is $3,725 (Figure 2).

Figure 2

The equivalent support points in Ethereum (ETH) are at $133.93 and $125 (Figure 3).

Figure 3

Bottom Line: Courtesy of a drop in SPY, there may be a golden opportunity to buy crypto. We continue to believe patience will pay off as the things that make SPY go down will eventually make crypto go up.